MILAN, May 29 — Italy’s economy shrank 5.3 per cent in the first quarter, much worse than first thought, official data showed today, as the effects of a tough coronavirus lockdown began to be felt.
The national statistics institute (ISTAT) said at the end of April it expected the economy to contract 4.7 per cent compared to the previous quarter.
It had not seen such an “exceptional” decline in the first quarter since 1995, the institute said.
Italy was the first country in Europe to be hit hard by the coronavirus pandemic, which has officially killed over 33,000 people. — AFP
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